Beginner's Guide to Exporting. 4th Edition.

6 Beginner’s Guide To Exporting CHAPTER 3 DEVELOPING YOUR EXPORT PLAN 3.1 MARKET RESEARCH To export your products, research on foreignmarkets should be conducted. The main aims are to identify market opportunities and constraints abroad, as well as to identify prospective buyers. Research may be conducted by using either primary or secondary data. 3.1.1 Market Research Information Market Research involves finding out information on: • Market Size, Growth and Trends • Tariff and Non –Tariff Barriers • Rules and Regulations • Distribution Channels and Market Structures • Competition / Competitor’s Performance • Demographics and Market Segmentation • Production of Importing Countries • Market Characteristics (eg. Consumer Preference and Purchasing Behaviour) • New Product Development • Product and Pricing • Packaging and Labelling • Advertising and Promotion For further and the latest information please visit the MATRADE Business Information Centre and also MATRADE overseas network. 3.2 EXPORT PLAN 3.2.1 Why do you need Export Plan? Determines the availability of resources • Determines the objectives and business direction pertaining to export • Provides clear and focus guide on how to enter export markets • Minimises risk as company will be able to calculate any possible financial risks involved • Prioritises and segments export markets according to their ease of entry.